Skip to main content

How to retire on a boat at 40

Irish Leonard explains how his family of four lives on a sailboat. No inheritance. No lottery. Just not wasting money - or his time.


How does he afford it? He explains by showing the average Irish household expenses, converted into hours worked. Here's the result shown as a working week:


We work a lot to pay for our cars. As he puts it:
Almost 20% of our working lives is spent so that we can afford to get to our working lives.

So Leonard eliminates or massively reduces most expenses. On the family boat, he sails "in a climate that requires no heating or air conditioning, doesn't own a car and generates what energy he needs using solar panels".

Remove the unnecessary costs and you remove most of the need to work. He calculates that we can feed and clothe our family on 5 days work per month, or the equivalent. By contrast the average Irish couple devotes 19 hours a day to work, including commuting.

Why all this focus on time?

In Leonard's words "I'm not saying we should try to hoard hours, because we can't. They're going. Every hour." But we should get value from them.

The time bank-account

Imagine hours are like money in the bank. At birth you get a life's hours put in your account. You choose how to spend them.

Here's what normally happens (by Leonard's analysis):

613,000 hours to start with. But we sleep for a third of that.

408,000 waking hours. For many we are kids or in education.

292,000 waking hours left at 20 years of age. (Half the starting amount)

Then the working world comes along; "All we need now is most of your waking hours for the next 45 years."

All they leave in our time-bank account is...

30,000 waking hours. Less than 5% of what we were born with.

Do we sell ourselves too cheaply?

Leonard asks rhetorically how much we'd pay at the end of our lives just to get a few hours back. To enjoy a few more of the things we love to do.

His follow up question is that given the value of our time why do we sell it so cheaply, "often doing things that we don't particularly enjoy to get things we don't particularly want or need"?

It's a good question - and it's difficult to think of a satisfactory answer.

You don't even need a boat

Living on a boat was Leonard's way of doing this but there are many others. His key points are that we often don't need as much money as we think and that our hours are far too valuable to trade them cheaply for stuff we don't really need or want.

I was at a friend's apartment-warming party this weekend. She doesn't own a car and avoids buy anything new wherever possible. Her industry has an abundance of highly-paid casual work. Our mental maths says 2-3 months of work per year would be easily enough for her eco-friendly lifestyle.

It's not "early retirement" but it is another version of a work-optional life.

Related reading

Read more about the Work Optional life or see the trailer for the early retirement documentary.

Updates

Subscribe to the Less Time email for monthly-ish updates from this blog.

Comments

  1. I love the concept of thinking in terms of time rather than in dollars! I think I might do the same thing he did and map out my work hours in terms of where I spend it...

    ReplyDelete
  2. That sounds fascinating Laura. I look forward to seeing it. :)

    ReplyDelete

Post a Comment

Popular posts from this blog

How to waste a year's wages

A friend recently asked me why it is that so many people (on good incomes) are struggling to save. Often the big three money areas are housing, transport and food. In one sense these are necessary items. But what we spend on them is often way more than necessary. I crunched some numbers on how much extra my wife and I could spend on these things - if for some reason we wanted to burn our money. 1. Housing Our apartment is fairly nice, but also cost-effective. I've mentioned how choosing it saves us $1,800 per year , compared to a similar one we saw. The high end of 2-bedroom apartments in our suburb is $305 per week more than our apartment. Not $305 per week. $305 per week more than ours is. I cannot get over that. Sure it's new and modern-looking, but that's a lot of money. It's an extra $15,860 per year above what we pay. 2. Transport The Australian Automobile Association lists the costs of owning and running a car. It includes many often-overlooked c...

How much super will we have?

Will we be OK in old age? How much will we have? One of the great things about living in Australia is superannuation. Our employers are required to pay into an investment account for our retirement. In recent times, my wife and I have been in several conversations with friends who are wondering (or worried) if their balance will be enough. That's what inspired this article. Great question It's a great question to ask, especially around the age of 35 to 40. At that point, old age is less of a distant abstract concept. It's becoming a medium-term reality. At 35 the number of years of living off super is possibly more than half of your remaining years. At 40 you may consider yourself about half way through your working life. Looking at your balance, it's easy to think that twice that balance may not be enough.  Read on, because I have good news for you. It's better than you might think As I've mentioned in earlier posts, compound growth means the investment grows f...

Happiness: 13 science-based hacks

I've recently been doing a happiness course through Yale University and am excited to find so many proven methods for increasing our happiness. Here's a brief summary of some of them. You can find out more and go deeper by doing the free online course . My previous article was about our brain often making mistakes in picking the things it thinks will make us happy. So the first part here is quick happiness hacks to get around that. The second part is about wanting the right parts of the things our brains think will make us happy. Then there's the course experiments I did - to 'rewire' our habits for greater happiness. 1. Quick happiness hacks Experiences make us happier that things Stuff doesn't make us as happy as we think. "A new car sticks around to disappoint you. But a trip to Europe is over. It evaporates. It has the good sense to go away, and you are left with nothing but a wonderful memory." Studies show that (compared to material pur...